Guideline Value for Nehru Street

Nehru Street guideline value

The current guideline value of Nehru Street in Madipakkam-1 village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Nehru Street has changed

Over the years, the guideline value for Nehru Street has seen several revisions. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,000 per sq.ft, which was then increased by 10% to Rs 2,200 per sq.ft in the 2024 revision.

The changes from the previous revisions indicate a significant increase from 2023 to 2024. The 2024 figure of Rs 2,200 per sq.ft is now established as the current guideline value.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Nehru Street's 2024 figure below this median.

• Nehru Street 1st Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 2nd Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 3rd Street: Rs 2,200 per sq.ft (2024)
• Nehru Street 4th Street: Rs 2,200 per sq.ft (2024)
• Nethaji Nagar: Rs 2,750 per sq.ft (2024)
• Nethaji Nagar, Ponni Amman Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Street?

Nehru Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This value is essential for ensuring that all transactions comply with the legal requirements set by the Registration Department.

When registering a property, the guideline value is considered the baseline for calculating the applicable fees. Buyers should be aware that the fees are charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nehru Street has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. Nehru Street's current guideline value is below this median.

What are the stamp duty and registration fees for a property in Nehru Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Nehru Street?

The Velacheri Sub Registrar Office handles registrations for Nehru Street. It is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.